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A Florist Borrowed Money to Buy a Large Quantity of New

Question 21

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A florist borrowed money to buy a large quantity of new imported floral art products to sell in her shop. If it cost her $393.60 to borrow the money for 146 days at 12% exact simple interest (365-day year), what was the amount borrowed?

Correct Answer:

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P = I ÷ (RT) = $393....

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